Sensex up more than 150 points as stocks rally in early trade

Last Updated: Fri, Nov 02, 2012 04:33 hrs

Trading got off to a buoyant start on the Indian bourses this morning with investors indulging in some heavy buying in early trades, tracking strong cues from global markets. Some fairly encouraging results from India Inc are also contributing to the upbeat mood in the market.

Capital goods, realty, power and metal stocks are mostly up with impressive gains. Bank, automobile and PSU stocks are trading higher. Better than expected results from Wipro appear to be triggering some buying in the IT space. Select automobile, oil, FMCG and healthcare stocks are also trading higher.

The Sensex, which raced to 18,749.07 in early trades, is currently up 156 points or 0.84% at 18,717.70. The Nifty index of the National Stock Exchange is up 47.25 points or 0.84% at 5692.30.

BHEL is up 2.2% at Rs 231.50. Hero Motocorp, Larsen & Toubro and Mahindra & Mahindra are up 1.7% - 2%. Coal India, Tata Steel, ICICI Bank, ITC, Hindalco, GAIL India, Bajaj Auto, Jindal Steel & Power and NTPC are trading higher by 1% - 1.4%.

ONGC is up nearly a percent. State Bank of India, Sterlite Industries, HDFC, Cipla, Tata Power, HDFC Bank and Reliance Industries are also trading firm.

Wipro is up with a modest gain at Rs 363. Infosys and Tata Consultancy Services are trading higher by 1% and 0.7%, respectively.

Wipro has announced this morning that its consolidated net profit, under International Financial Reporting Standards, rose 24% to Rs 1611 on 17% increase in total revenues to Rs 10657 crore in the July - September 2012 quarter as compared to the prior corresponding quarter.

IT services revenue saw a sequential 1.7% surge at $1,541 million. On year-on-year basis, it saw a rise of 4.6% in the September quarter. The company expects revenues from IT services business to be in the range of $1,560 million to $1,590 million in the quarter ending 31 December 2012.

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